A few days ago I downloaded Parallels for Apple M1, then downloaded a free VM image from Microsoft for Windows 10 ARM. It all installed and sort of worked, but kept freezing randomly (for me), so I deleted it. In any case, it was actually all free, despite verbiage to the contrary in various places, including Microsoft's own website.

Buying a device is currently the only legal option considering that Microsoft is only licensing Windows on ARM to OEMs. That being said you can find older Snapdragon 835 laptops on eBay and such for pretty cheap. I was able to buy one for $260 USD.

Looks like QEMU has some ARM emulation support: https://en.wikipedia.org/wiki/QEMU#ARM

I've never actually run Windows on ARM in any context, so I have no idea how things are supposed to work once the VM exists. Maybe Microsoft will offer VM images...?

Test on wine on linux on arm in qemu?